Metaverse token ApeCoin (APE) which took the crypto market by storm after its debut in March 2022 has spiked by 75% in 2023 thanks to the launch of a new non-fungible token (NFT) game called Dookey Dash by its developer Yuga Labs.
After shedding 91% of its all-time high (ATH) price of $39.40 on its opening day on March 17, 2022, the token closed the year with a much-reduced trading price of $3.64, APE opened 2023 with the closing price from 2022, and increased to a yearly high of $6.39 on Jan. 26, after testing a yearly low of $3.62 on Jan. 1.
Dookey Dash game is firmly behind the increment of APEs price
After the success of the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), ApeCoin, and Otherside for Otherdeed, Yuga Labs launched Dookey Dash in January 2023 and the NFT game went live on Jan. 18.
To access Dookey Dash, Yuga Labs debuted another NFT project called Sewer Pass on the same day and the digital collectibles grossed more than $6 million just a few hours after it was released to the NFT community.
Ever since Dookey Dash went live, APE has traded above $5 and has seen an improvement in its daily trading volume. As of Feb. 13, Sewer Pass had a floor price of 2.341 ETH (around $3,500) and a total volume of 34,122 ETH (approximately $50 million) on the largest NFT marketplace OpenSea.
BAYC, MAYC, BAKC, and Otherside for Otherdeed continue to impress
While ApeCoin’s success is primarily attributed to the popularity of Bored Apes, sister projects such as MAYC, BAKC, and metaverse project Otherside which gives birth to Otherdeed NFTs have been valuable to its course.
Bored Ape NFTs generated about $68 million in sales in January after the average sale value reached $108,884.27, a five (5) – month from August 2022’s $132,000. As of Feb. 13, BAYC’s sales volume for February was more than $24 million and had an average sale value of $129,000.
Mutant Ape NFTs rivalled BAYC by also generating roughly $68 million during the first month of the year. MAYC sales for February were around $23 million during press time on Feb. 13.
Bored Ape Kennel Club NFTs reached a 9-month high in January after sales surpassed $40 million for the time since April 2022 when over $60 million was traded for BAKC collectibles. The average sale value for BAKC NFTs went up to more than $12,000 through the activities of 1,516 unique buyers involved in more than 3,400 transactions.
While Otherdeed NFTs took a nosedive after its record-breaking month in May 2022 when it generated $936 million in sales, the project was revived in January after it generated $38 million from the activities of 2,600 unique buyers involved in 12,008 transactions.
ApeCoin continues to expand with mainstream adoption
TIME Magazine announced in March 2022 that it accepts APE for digital subscriptions and this was followed by the additions of luxury brands Gucci and Tag Heuer for purchases of in-store items in August of the same year.
APE is currently supported by more than 70 centralized and decentralized exchanges including powerhouses Binance, OKX, Huobi Global, and eToro. With the growing metaverse sector and the expansion of the ApeCoin ecosystem in the works, APE could be one of the metaverse tokens that could bring huge returns to traders and investors in the long term.
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